Today Cablevision Systems Corp said it expects the spinoff of its Madison Square Garden business to be finished in the first quarter of 2010.
Cablevision's Madison Square Garden operations comprise of the New York arena, as well as the New York Knicks basketball team and New York Rangers hockey team.
The company also reported that Madison Square Garden has commitments from a group of banks for a new $375 million, 5-year senior secured revolving credit facility, to be used by MSG for working capital, ongoing capital expenditures and other general corporate purposes.
In morning trading, Cablevision jumped 7 cents to $26.15.
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